Hello all,
I have a query, we are doing Partnership firm business of manufacturing cement bricks and Partnership business is under loss for F.Y.2021-2022. hence no salary and Interest on capital has been received, is it mandatory to show partners salary in Partnership p&l? or can it prepare its p&l without salary to partners?
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Income from Partnership firm business to its partners
Replies (3)
Not mandatory in such cases.
Yes it is mandatory to show partners salary in partnership p & l.
For that you need to check clause for it in partnership deed
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